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California Proposition 7, Taxation of Insurance Companies Amendment (1942)
| California Proposition 7 | |
|---|---|
 | |
| Election date November 3, 1942 | |
| Topic Taxes | |
Status Approved | |
| Type Constitutional amendment | Origin State legislature |
California Proposition 7 was on the ballot as a legislatively referred constitutional amendment in California on November 3, 1942. It was approved.
A “yes” vote supported establishing taxation on insurance companies and setting rates for such taxation. |
A “no” vote opposed establishing taxation on insurance companies and setting rates for such taxation. |
Election results
|
California Proposition 7 |
||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
|
|
987,687 | 68.74% | ||
| No | 449,094 | 31.26% | ||
Text of measure
Ballot title
The ballot title for Proposition 7 was as follows:
| “ | Taxation of Insurance Companies | ” |
Ballot summary
The ballot summary for this measure was:
| “ | Assembly Constitutional Amendment 53. Adds section 14 4/5 to Article XIII, Constitution. Continues through 1942 present taxation provisions affecting insurers. Thereafter taxes insurers, defining same, on annual basis, at rates, and subject to deductions, therein specified, prescribing specifically basis for title insurers. Specifies allowable realty tax deductions through 1946, thereafter prohibiting deductions for taxes paid on real estate owned unless principal office located thereon. Reduces tax rate .05 percent yearly through 1946, prescribing rate of 2.35 percent of annual tax basis thereafter but empowering Legislature to change rate. | ” |
Full Text
The full text of this measure is available here.
Path to the ballot
- See also: Amending the California Constitution
A two-thirds vote was needed in each chamber of the California State Legislature to refer the constitutional amendment to the ballot for voter consideration.
See also
External links
Footnotes
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State of California Sacramento (capital) |
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